CCRIF SPC, the parametric catastrophe insurance facility based in the Cayman Islands, said on 22 October that the World Food Programme (WFP) is the first UN agency and the first multilateral organisation to become a member and buy its cover. WFP bought two tropical cyclone policies, one for Haiti and one for the Dominican Republic, with a combined limit of US$11.6m.
Parametric policies pay a pre-agreed amount when a measured hazard meets the trigger, without a loss adjustment. CCRIF says every payout it has made since 2007 arrived within 14 days of the triggering event. The Dominican Republic is not yet a CCRIF member in its own right. Haiti has been a member since 2007 and has received more than US$80m in payouts, most recently after Hurricane Melissa in 2025.
Before buying the cover, WFP had worked with CCRIF on a joint social protection "top-up" model. Lauren Landis, WFP's country director for Haiti, described the insurance as "a predictable and rapidly activated financial tool". CCRIF cited food-security data showing that more than half of Haitians face acute or worse levels of food insecurity.
With WFP, CCRIF has 40 members. The facility says total coverage for the 2026/27 policy year rose 25% to US$1.8bn from US$1.44bn, and that it has made 83 payouts worth more than US$500m since 2007. Artemis reported that WFP has long used parametric and index-based risk transfer and is working towards a food-security catastrophe bond.
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CCRIF SPC ↗Company · 22 Oct 2026
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